Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns.

Successful contrarian investing requires us to live with discomfort, for being "wrong" and alone. But bargains do not exist in the absence of fear.

Diversify. But carve out 10 to 20 percent for the most unloved part of the market: emerging markets value.

Design a portfolio you are not likely to trade... akin to premarital counseling advice; try to build a portfolio that you can live with for a long, long time.

The most treasured asset in investment management is a steady hand at the tiller.

Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns.

The best investment opportunities are often scary.